Don't miss the boat again. Start trading Bitcoin CFDs
Trade the world's most popular cryptocurrencies with leverage and 24/71availability: Bitcoin | Ethereum / Bitcoin | Ethereum | Crypto 10 Index | Litecoin | NEO | Ripple XRP | IOTA | Stellar | EOS | Bitcoin Cash ABC | Cardano | Tron | Monero
What Are the Most Traded Cryptocurrencies?
The cryptocurrency landscape is hugely diverse. With few barriers to overcome, pretty much anyone that understands blockchain technology can launch their own cryptocurrency if they are so inclined. There are currently more than 1600 cryptocurrencies listed on major, middle-sized and specialist exchanges.
Of those cryptocurrencies and digital tokens, it is fair to say the number that has any genuine significance can be reduced down to double figures. That smaller group can be boiled down again to the cryptocurrencies that are traded enough to have real liquidity or are regularly used to pay for use of a blockchain platform with utility tokens. In this category, we can probably include somewhere between 20 to 30 different digital currencies.
Since the start of the cryptocurrency phenomenon, the two most popular cryptos have been Bitcoin and Ethereum (Ether). In the last few years, Ripple XRP has cemented its position within the top 3. Ripple XRP even briefly exceeded Ethereum’s market capitalisation in September 2018 to become the second most popular cryptocurrency.
Beyond Bitcoin, Ethereum and Ripple XRP, there are several more popular cryptocurrencies but their value and popularity tend to ebb and flow. The uniquely-created Crypto 10 Index, which is made up of the most popular cryptocurrencies at any particular point in time, can also be traded.
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‘Close at Profit’ [Stop Limit] and ‘Close at Loss’ [Stop Loss] orders can be added to your trades when opening a new position/pending order, or when editing an existing position. These orders allow you to set a specific rate at which your position will close, in order to protect your profit, in the case of Close at Profit order or minimise your loss, in the case of Close at Loss order. Note that Close at Profit and Close at Loss orders do not guarantee your position will close at the exact price level you have specified. If the market price suddenly gaps down or up, at a price beyond your stop level, it is possible your position will be closed at the next available price which can be a different price than the one you have set. This is known as 'Slippage'.
How To Start Trading Bitcoin CFDs?
You can trade Bitcoin CFDs in a number of simple steps:
- Log into Plus500 or create an account.
- Search for Bitcoin under Categories > Crypto Currencies or type ‘Bitcoin’ or ‘BTC’ in the search bar.
- Check you are aware of Bitcoin’s properties (expiry, overnight fees etc) by clicking on (i).
- Enter your preferred trading amount.
- Consider placing stop orders: Close at Profit, Close at Loss, Guaranteed Stop and/or Trailing Stop.
- Open a Buy or Sell position based on your anticipation of Bitcoin’s price movement.
- Navigate to the Open Positions screen to follow your trade’s P&L (Profit & Loss). When you wish to close out your trade, simply click on the ‘Close’ button.